116 Spring Bay Rd East Peoria, IL 61611
- Land
- 2.55 lot acres
Current Use by Public Records
- Land
Property Details for 116 Spring Bay Rd
- Lot size
- 2.55 lot acres
- Property type
- Land
Description
This exceptional 2.55-acre commercial land parcel, located in East Peoria, Illinois, presents a unique redevelopment opportunity. The property, encompassing five commercial lots, each currently featuring a rental home, is zoned C-2, allowing for a wide range of commercial uses. Its strategic location at 116, 120, 124 Spring Creek Rd & 1000, 1004 Spring Bay Rd offers excellent visibility from Illinois Route 116, ensuring high traffic counts and significant exposure for any new development. The site boasts existing infrastructure, including well and septic systems, simplifying the development process. Given its location in a commercial growth area, this property represents a compelling investment opportunity for developers seeking to capitalize on the area's expanding market. The asking price is $888,624. The property's current configuration, with five lots and existing rental homes, provides potential for immediate income generation while redevelopment plans are underway. This versatile property is ideally suited for a variety of commercial ventures, including, but not limited to, a gas station or retail pad development. Its size and zoning make it an attractive prospect for businesses seeking a prominent location with high visibility and accessibility. Don't miss this chance to acquire a prime piece of commercial real estate in a thriving Illinois market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- East Peoria
- County
- Tazewell
- State
- Illinois
- Longitude
- -89.5199
- Latitude
- 40.7327
